RODEWAY INN WATSONVILLE OFFERING MEMORANDUM | 1620 W BEACH | WATSONVILLE, CA
KIDDER.COM | MAHONEYCOMMERCIAL.COM 01 03 INVESTMENT SUMMARY COMPARABLES The Offering Hotel Comparables Property Overview Map Comparables Location Overview TABLE OF Location Highlights Location Map
CONTENTS 02 PROPERTY DESCRIPTION Property Summary Aerials Property Photos
EXCLUSIVELY LISTED BY
DEV PATEL PETER BAIRD RYAN EDWARDS 858.369.3056 831.646.1919 831).646.1919 [email protected] [email protected] [email protected] LIC N° 01858087 LIC N° 00533485 LIC N° 01403313 KIDDER.COM
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. 01 INVESTMENT SUMMARY
THE OFFERING
PROPERTY OVERVIEW
LOCATION OVERVIEW
LOCATION HIGHLIGHTS
LOCATION MAP
ROADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 3 PROPERTY OVERVIEW
1620 W. Beach Address Watsonville, CA 95076
Property Name Roadway Inn
No. of Rooms 95
Fee Simple
Unencumbered by Management
Total Building Size 56,088 SF
INVESTMENT Total Land Size 108,029 SF
Year Built 1999
SUMMARY Price $9,000,000.00
Kidder Mathews in partnership with Mahoney and Associates
located amongst several leisure management and was converted and business demand generators from a Days Inn to an independent THE OFFERING including a large FedEx facility and property before it was finally The Rodeway Inn Watsonville is a 95- agricultural production. converted to a Rodeway Inn. room interior corridor hotel which sits on 2.5 acres of commercial The current owner recently invested With that being said, the Rodeway Inn zoned land located just off of several hundreds of thousands of is an ideal investment opportunity Highway 1. dollars into the property, so the as it is centralized between some of property itself is up to date with the largest tourist areas (Santa Cruz The property’s location is ideal with modern interiors. The majority of County and Monterey County) and highway visibility off of Highway 1 in upgrades were made to the guest will attract those who are passing both northbound and southbound rooms and public areas. In 2015 the through for vacation or business directions. The property is also property went through a change in purposes.
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 4 LOCATION OVERVIEW
agricultural area offers visitors a number of amenities Watsonville is a significant ranging from agriculture tourism to days at the beach, agricultural location which sits to wine tasting and rugged hikes. The rich culture of SANTA right in between two major tourists Watsonville in close enough to more well-known areas 54,098 destinations – Santa Cruz and (Santa Cruz and Monterey) but offers a more affordable CRUZ Monterey. Since it is inland enough, stay while still being close enough to all the desirable sites it provides a slightly warmer climate, neighboring towns have to offer. POPULATION COUNTY yet is close enough to the coast (2017) which makes it a prime location for DESIRABLE LOCATION many reasons. It is best known for The Pajaro Valley, where Watsonville is located, has a climate being surrounded by local beaches, that is around 60 to 70 degrees Fahrenheit throughout redwood forests, wine tasting, majority of the year. This climate makes Watsonville an mountain biking, whale watching, attractive coastal environment for the neighboring inland $93,386 $465,293 bird watching and much more! communities with very hot summers.
Watsonville, CA is a well know small EXCELLENT ACCESS MEDIAN HOUSEHOLD INC MEDIAN HOME VALUE destination just south of Santa Cruz and just north of Monterey. This lush Conveniently located off Highway 1 and in-between Santa Cruz and Monterey.
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 5 LOCATION HIGHLIGHTS
OPPORTUNITY to purchase an interior corridor asset well below replacement cost
RECENTLY branded and renovated
LOCATED among several demand generators
HIGHWAY 1 Freeway Visibility from both north and south bound directions
CENTRALLY LOCATED to Santa Cruz, Silicon Valley and the Monterey Bay
THRIVING hospitality market
FEE Simple
UNENCUMBERED from Management
RADWAYAPARTMENT INN WATSONVILLE BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 66 DAY VALLEY
CORRALITOS
SANTA CRUZ
INTERLAKEN LARKIN VALLEY
152
SUBJECT WATSONVILLE 129 PROPERTY PAJARO
PORT WATSONVILLE AROMAS LAS LOMAS
PACIFIC OCEAN
PRUNEDALE
156 CASTROVILLE RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 7 02 PROPERTY DESCRIPTION
PROPERTY SUMMARY
AERIALS
PROPERTY PHOTOS
ROADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 8 PROPERTY SUMMARY
1620 W Beach St, Address Watsonville, CA 95076 No. of Units 95
Year Built 1999 PROPERTY Land Acres 2.48 AC Parcel No. 018-303-07-000 DESCRIPTION Parking Ratio 1.0 per Room CONSTRUCTION SPECIFICATIONS
No. of Buildings 1
No. of Floors 3
Building SF 41,031
Land Use Hotel
Pool 1
Siding Stucco
Parcel No. 018-303-07-000
*Buyer to verify all information independently
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 9 RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 10 1620 W. BEACH, WATSONVILLE N SUNSET STATE BEACH
WATSONVILLE STATE WILDLIFE AREA PINTO LAKE
SANTA CRUZ/UC SANTA CRUZ SUBJECT 18 Miles PROPERTY
WEST BEACH MONTERREY BAY 20 Miles
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 11 RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 12 03 COMPARABLES
HOTEL COMPARABLES
MAP COMPARABLES
ROADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 13 COMPARABLES
HOTEL COMPARABLES 01 BEST WESTERN SURESTAY ROADWAY INN WATSONVILLE 915 W. Cutting Blvd, Richmond, CA 94804 1620 West Beach, Watsonville, CA 95076 Rooms 108 Rooms 95 SUBJECT Sale Date 8/8/2017 Year Built 1999 Sale Price $9,100.00 Building SF 56,088 Price Per Stories 3 $84,259.00 Room Submarket Santa Cruz/Watsonville SubMarket Richmond/San Pablo
02 BEST WESTERN BEACHES 03 DEL SOL BY LA QUINTA & SUITES DUNES INN 317 North G St, Madera, CA 93637 3290 Dunes Road, Marina, CA 93933 Rooms 97 Rooms 84 Sale Date 6/28/2019 Sale Date 5/14/2019 Sale Price $11,825.000 Sale Price $13,000.00 Price Per Price Per $121,907.00 $116,000.00 Room Room Submarket Downtown / E st District SubMarket Marina/Seaside
04 05 MOTEL 6 MONTEREY BEACH DUNES 2101 Loveridge Rd, Pittsburg, CA 94565 3280 Dunes Rd, Marina, CA 93933 Rooms 174 Rooms 114 Sale Date 2/12/2019 Sale Date 5/14/2019 Sale Price $12,000.000 Sale Price $10,000.000 Price Per Price Per $68,966.00 $116,000.00 Room Room Submarket Antioch / Pittsburg Submarket Marina/Seaside
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 14 SACRAMENTO
4
1 PITTSBURG
STOCKTON GROVELAND SAN TRACY
FRANCISCO
SAN LORENZO
MODESTO s
e l i
m
0 s
7 e l 1 i
m
0 s
3 e TURLOCK l 1 i
m
0
0
1
SAN JOSE
4
8
m 1620 W BEACH
9 i 0 l e m s
i l e
s
3
MADERA
WATSONVILLE
2
0
m
i l
5 e s
2
MONTEREY RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 15 EXCLUSIVELY REPRESENTED BY
DEV PATEL 858.369.3056 [email protected] LIC N° 01858087
PETER BAIRD 831.646.1919 [email protected] LIC N° 00533485
RYAN EDWARDS 831).646.1919 [email protected] LIC N° 01403313
KIDDER.COM